British Economists Apologize To Queen For Missing Crisis

Do British economists feel
worse about missing the crisis than do their US counterparts?

Or is it just that the UK is still dominated by the quaint notion
of royalty?

Either way...

AP: The Observer newspaper reported that a letter has been
sent to the Queen after she demanded, during a visit to the
London School of Economics last November, to know why nobody had
anticipated the credit crunch.

According to the newspaper, the letter says that says "financial
wizards" who believed that their plans to manage risky debts and
protect the financial system were infallible were guilty of
"wishful thinking combined with hubris."

Signatories to the three-page letter include Tim Besley, a member
of the Bank of England's monetary policy committee and historian
Peter Hennessy.
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